The Demographic Time Bomb: Human Resources Challenges in Banking

Yet many banks today are putting themselves at risk in an equally critical area of preparing for the future: their own human capital. Amid the current demographic reality of rapidly aging work forces, insufficient humanresources planning will place the viability of many financial institutions in substantial jeopardy in the coming years. This peril is linked to the potentially dramatic loss of capacity and know-how that banks will face, across all customer segments, as waves of frontline sales staff and senior and middle managers retire. Multiple bank branches may be forced to close simply because there will not be enough qualified people to staff them.